Goldman Sachs (GS) Looks to Unload Another $1B ICBC Stake
Tweet
Share
E-mailGet Alerts GS Hot Sheet
Join SI Premium – FREE
Goldman Sachs (NYSE: GS) is looking to capture a little but more profit from one of its China bank holdings, according to the latest market data.
Bloomberg reports that the firm is looking to sell a $1 billion stake in Industrial & Commercial Bank of China Ltd (ICBC). Shares will be priced at about HK$5.77 apiece, a three percent discount to the lenders most recent closing price. The specific number of shares being offered wasn't mentioned.
Goldman made a $2.58 billion investment in ICBC back in 2006. In just the last year, ICBC shares have gained eight percent and have appreciated over 15 percent since a $2.5 billion stake was sold to Temasek Holdings in Singapore last April. About four sales have been made since the investment was made, according to Bloomberg-compiled data.
Many international banks have also capitalized on China's growth over the last decade or so. Market data has names like BofA (NYSE: BAC), BNP Paribas, Citi (NYSE: C), and others investing $33 billion in Chinese banks from 2001 through 2009.
Goldman is flat in early trading Monday.
Bloomberg reports that the firm is looking to sell a $1 billion stake in Industrial & Commercial Bank of China Ltd (ICBC). Shares will be priced at about HK$5.77 apiece, a three percent discount to the lenders most recent closing price. The specific number of shares being offered wasn't mentioned.
Goldman made a $2.58 billion investment in ICBC back in 2006. In just the last year, ICBC shares have gained eight percent and have appreciated over 15 percent since a $2.5 billion stake was sold to Temasek Holdings in Singapore last April. About four sales have been made since the investment was made, according to Bloomberg-compiled data.
Many international banks have also capitalized on China's growth over the last decade or so. Market data has names like BofA (NYSE: BAC), BNP Paribas, Citi (NYSE: C), and others investing $33 billion in Chinese banks from 2001 through 2009.
Goldman is flat in early trading Monday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nelson Peltz Prepares Bid For Wendy’s - FT
- Bank of America to acquire up to 49.9% stake in Jio Credit for ~$1.9B
- Alexandria Real Estate prices $1B junior subordinated notes due 2057
Create E-mail Alert Related Categories
Insiders' Blog, Mergers and AcquisitionsRelated Entities
Temasek Holdings, CitiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
